Thus while we remain bearish such industrial commodities as copper, as updated last week, let's add Soybeans to our list of commodities that we are very friendly towards.

But within the financial sector, just as equities did not go up on the death of Saddam Hussein's two sons back on July 23rd., it is also notable that that the market did not use the excuse of last week's East Coast blackout to decline. Currently within a "quiet period" until pre-announcements of third quarter earnings start in September, one has to be cognizant that another push up to 1060 on the S&P remains possible in the short-term -- much to our longer-term distaste and chagrin. Please note, however, that even if such a move were to begin to transpire, we personally intend to remain short various equity index products and will simply add to our shorts if such a higher target level is reached.

Lastly, T-bond yields have now reached a 50% retracement of their 2000-2003 decline in rates. The 200-week moving average of yields also should offer some resistance near 5.47%. July's Armageddon to bond investors should at least take a pause.

Chart produced using Advanced GET End-of-Day

Each of the above views is clearly a stand-alone view. There is little or no "macro" theme that ties them all together. From the technicals alone, we feel most strongly on our negative view of Copper, and our positive view of Wheat and Soybeans. Our next strongest view is for a period of reprieve for fixed income assets. We are least sure of what the short-term holds for equities, but ironically, a bearish view of equities remains our strongest longer-term view.

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Sand Spring Advisors provides information and analysis from sources and using methods it believes reliable, but cannot accept responsibility for any trading losses that may be incurred as a result of our analysis. The opinions expressed are not intended as specific investment advice, and simply represent our personal views offered here under our right of free speech. Sand Spring Advisors is a NFA registered CTA/CPO, but is not a Registered Investment Advisor. We do not directly trade any client funds. Individuals should consult with their broker and personal financial advisors before engaging in any trading activities, and should always trade at a position size level well within their financial condition. Principals of Sand Spring Advisors may carry positions in securities or futures discussed, but as a matter of policy will always so disclose this if it is the case, and we will specifically not trade in any described security or futures for a period 5 business days prior to or subsequent to a commentary being released on a given security or futures.